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Home My WebLink About1018 ; 1;~i1t~OR_11 COVEPlANI'S. Borrower and I,cndcr covcnant and agrse as follcxrs: 1. PaJ~ent of Priwcipal aud Isttrest; P~raewt ard L~te CAsraes Borrower shall ~~vmptly pay when due the pnnc~pai of and intcrcsi on thc Jcb~ c.idcncc~ h; thc Nac and any prepayment and latc charges due under the hote. L Eliads for Taues ud Iwsorasce. Sub~ect to spplicatrk law or to a written wsiver by Lender, Borrovver shall pay to l.cnder cu~ the ~iay monthly pa~ments arc .f uc under the Note, until tAe Note is paid in fuU, a sum ('Funda') qusi to au-nvelfth ot: (a) yearly tucs and acsessments which may attain prionty over this Sccunty tns,rument; (1') Yea~ly IeasehMd payments ar grcwnd rcnts ne cl~e. Prc+~+~rry, if ae!Y. Yral!Y h'y~rd ensu~!!ce g!et*~eus*.u: 3nd (d) y~early cnertgage ic~surenr~ psimi_rs~. ;f ~ny. 'tlxx items arc called 'esrrow items.' Lender may cstimate the Funds due on the basis ot current data and neasonable estimates oi fuwrc escn~w items. The Funds shall be held in an institution the deposits or accounts of w~hich are inaured or gwranteed by a fe~eral or state agency (including Lender if Lender is such an iastitution). Lender tAall apply thc Funds to pay the escrow items. Lender may not charge for holding and applying the Funds, analycing ~he account or ~eri:}ing the escrow items, unkss applirabk law permits Lender to make sucA a charge. Borrowtr and LenAer msy agiee in writing that interest shall be paid on ~hc Funds. Unlcss an agcemcnt ~s made or appiicable taw requires intereat to be paid, Lender shall na be required to pay Borir~w~r any intercst or wmings o0 ~he Funds. I.ender shall give to Borrower, ~ithout charge, an annual aetounting of the Funds showing credits and debits to the Funds and the purpose for which ~ ach debit to the Funds vras made. 'Il?e Funds ar~ pledged u additional seeurity for the surns cecured by this Security lnstrument. If tAe amount of the Funds held by Lendcr, together with the future monthly psyments of Funds payabk prior ro the due datu of thc cscrow items, shall e:cced ~he amourtt requircd to pay the escrow itans when due, the exccss shall bt, at Borrvwers option, either promptly repaid to Borrov~-er or crcdited to t3orrowcr on monthly payments of Funds. If the amount of tht Funds held by Lender is not sufFicient to pay the escrow itcros when due. Bcrrower shalf pay to Lender any amount ncccssary to malce up the deficiency in one or more paymen~s as rcquircd by l.ender. UQon payment in tull o( all sums securcd by this Stcurity Instrument, l.ender shall promptly rcfund to Borro~+Kr any Funds held by Lcnder. If undcr paragroph I!~ the Property is sold or aequi~sd by Lender, Lender ahall apply, no iater than immediately prior to the sale ot the Propeny or its acquisition by l.cndcr, any Funds hcld by Lender at the time o[ application as a crcdit against the sums secursd by this Secvrity [nstrument. 3. Application of PaymeMs Unkss applicabk law providcs otherwise, all payments received by Lender under paragraphs 1 and 2 shall bc applied: first, lo latc chargcs due under the Note; seeond, to prcpayment charges due under the I~ote; thind, to amounts payabk under paragraph 2; fourth, to intcrest due; and lact, to ~rincipel dut. d. Ckarger Liens Borrawtr shall pay all taxes, assessmcnts, charges, Cmes and impnsitions attributablc to the Property which may attain pri~rity over this Security~ In:trument, and leauhold paymenls or ground rents, if any. Borrowtir shal! pay thue obligations in tht manner provided in paragraph 2, or if not paid in that manner, i~.~rrowTr sAafl pay them on time ditectly to the perton owcd payment. Bonower shall promptly fumish to Lender all nouces of amounts to be paid under this ;araoraph. If Borrower makcs thcse payments directly, Borrower shall promplly furnish to L.en~er rcc~ipts evidencing the paymcnts. Cscrrowe~ shall promptly dischatge any lien which has prioriry aver this Security Instrument unless Borruwer. (a) agrces in writing to the pa~Tnent o( the obligation ;.urcd by the lien in a manner acceptaDle to Lender, (b) contuu in good faith the lien by, or de(ends against enfonement of the lien in, Iegal procecdings which ei~c i.ender's opinion operate [o prevent the eniortement of the iien or fo[feiture of any pan ot the property; or (c) secures trom thc holder of thc ficn an aKreement satisfactory to Lender subordinating the lien to this Securiry Instrument. !f Lender determines that any part of the Praperty is subjcct to a lien w~hich may a~tain priority over this Security Instrument, Lender may give Borrower a notice identifying the lien. Borrower shall satisfy thc lien or take one or morc of the actions ~<< forth abovr within 10 days o[ thc giving of noticc. '_C Hazard Insurance. Borrower shall keep the improvements now eristing or htrcafter crected on ihe Propeny insurcd against loss by firc, hazards included w~thin +he [erm 'entended covtrage' and any other hazards for which I.ender requires insurance. This insurance shall be maintained in the amounts and for the periods !hat L,cnder requires. "IT?e insutance carritr providing the insurance shall bc choscn by Borrowcr subjcct ro Ltnders appcoval which shall not bc unrcasonably ~~ithheld. ~ All insurance policies and renewals shall be acceptabk to L.tnder artd ahal! enclude a standard mortgagc clause. Leoder shall have the right to hold the policies I ~nJ rcntwals. If l.ender requircs, Borrower shall pcomptly give to Lcnder all rueipts of paid premiums and renewal noticcs. in the ev~nt of loss, E3orrawrr shall i ~r:e prompt notice to the insurance carrier and Lendcr. Lender may make pruc~[ of lo~c if not made prompdy by Borrvyver. ~ l;n{ess Lender and Bortocrtr otherwist agree in writing, iesurance proceeds shall be apptied to rcstoration or repair of 1he Property damagtd, if the restoretion ~ :~r rcpair is economically feasibk and Lender's security is not Iessencd. If the restoration or rcpair is not cconomically [casiblc or l.endet's security would be Icsscncd. ; ;he ~nsurance proceeds shall be applied to the sums secured by this Security Instrument, whether or no[ then due, with any excess paid to I3orrower. [f E3orrower ~ ~}~andons the Property, or does not answet Rithin 30 days a rtotice h+om I.ender that the insurance carrier has offered to uttle a claim, then Lendcr may collect ~he ~nsurance proceeds. Lender mav use the proceeds to rcpair or restore the Propcrty or to pay surtu sccured by this Security instrument, whether or not thcn due. ~ ?r~e 3~3-day period will begin w~hen the notice is giv~n. i ~ l:nlest Lender and Borrower otherwi.u agrce in writing, any application of proceeds to principal shall not extcnd or postpone the due date of the monthty ;-s~mcrsts rcferred to in paragraphs 1 and 2 or cifange the amount of the payments. If uRder paragraph 19 the Propcrty is acquircd by C,cnder, Borrow~er's right to insurance policies and proceeds resulting from damage to the Property prior to the acquisition shali pass to Lender to thc extent of the sums secured by this 4 curity Instrumcnt immediatcly priar to the aequ~ition. t 6. Preservatlon aad Mainlenapce ot Propert~, Leaseholds Borrc~wer shall not dutroy, dart:age or substantially chaagc the Propcrty, allov.~ thc Propeny to ~ :~_~eriorate or commit waste. If this Security Instrument is on a kasehofd, Borrvwer shall comply with the provisions o[ the {eau, and if Borrower acquires fcc titlc ~ the propcrty, the leaseho{d and fee titk shall nai merge unlcss Lcnder agrees to the merger in writing. 7. Protection ot Lenders Righls in the Propert~; Mort~e Insaranca If Bor~owrr fails to petform thc co~Ynants and agreements containcd in this Sccurity ~ ~ I r:~tr~mcnt, or lhcre is a legal proceeding that may significantly af(cct l.endcr's rigfits in the Property (such as a procceding in banlcruptcy, probatc, for condemnation " ;~u cnforce laws or regulations), then Lender may do and pay for whatever is nectssary to protcct the wlue d the Property and Lender's rights in thc Property. ~ ~ : erder's actions may include paying any sums secured by a licn wfiich has priority over this Security Inswmcnt, appearing in court, payir,g reasonablc attorne}s' fecs ~ c~tering on the Property to make repairs. Althougfi Lender may wre action under this paragraph 7, Lender docs not have to do so. Any amounts disbutsed by Lender under this paragnph 7 shal{ become additional debt of Borrower secured by this Security instrument. Vnless E3orrower and ; ecdcr agrce to other temu of payment, these amounts shall txar interest from the date of disbursemcnt at thc Note rate and shall be payabie, with intcrcst, upon a•ucc frvm Lender to Borc+ower requuting paymcnt. It l.ender requircd mortgage insurance as a condition of mal:ing the laan secured by this Security Instrument, Borrower shall pay the prcmiums rcquired to maintain the insurance in ef(cct until such timt as i~e requirement for the insurance tcrminates in accordance with Borrowers ar.Q Lcnder's wriiten agrcement or :;~phcable law. i & Iaspeef'aa Lender or its agent may make reasonablc cntriu upon and inspectians of the Propcrty. l.ender shall give E3ornxver notice a~ the time of or pnor € an inspection spccifying rcasonabk cause for the inspection. ~ 9. Condea~eataa The proeeeds of any award or claim for damages, direct or consequenual, in :onnection w~th any condemnation or other taking of any pan ~ `~he Ptvperty, or tor conveyance in lieu of condemnation, arc hcrcby assigned and shall be paid to Lender. ' In the ev~nt of a total ukin of the P the Tuceeds shall be a l~ed to the sums securcd thic Securi Instrument, wfiether or not then due, with an ~ ~ 8 *~P~rt7'. P PP ~ bY ~Y Y ~ _~.cess paid to Borrovver. In the event of a partial taking of the Property, unkss Borrower and L.ender otherwise agree in writing, the sums securcd by this Secunty ; E^strument thall be ceduced by the amount of the proceeds multiplied by the following fraction: (a) tht total amount of the sums secured immediately before ehe F ~-k~n~, divided by (b) the fair martet vaiue of ttx Property immcdiately ix(orc the taking. Any balance shall be paid to Borrowcr. If the Property is abandoned by Borrvwtr, or i(, after notics 4y Lender to Borrower that the condemnor ofkrs to malce an award or setde a claim [or damages. ; i c)RIDA-Singk Familily-FT~tA/FHLMC l,?iIF~RM INSTRL'~tE\T ~o~K s75 ~~E~.ol~ ~ _ = e. _ ~